American Institute of Certified Planners (AICP) Practice Exam

A trade bloc refers to a group of countries that come together to form a large free trade area through various agreements. These arrangements typically aim to enhance economic cooperation by reducing or eliminating trade barriers, such as tariffs and quotas, among the member countries. By promoting easier access to markets and increased trade flows, trade blocs can help stimulate economic growth and development for the participating nations.

This concept is integral to international economics, as it enhances trade relationships and can create a more significant regional economic presence. The importance of trade blocs lies in their ability to foster collaboration between countries and create a supportive environment for businesses to thrive across borders.